Castle Biosciences (NASDAQ:CSTL) Shares Down 4.4% Following Insider Selling

Castle Biosciences, Inc. (NASDAQ:CSTL) traded down 4.4% on Wednesday following insider selling activity. The company traded as low as $28.63 and last traded at $28.70. 280,362 shares traded hands during trading, a decline of 8% from the average session volume of 305,168 shares. The stock had previously closed at $30.01.

Specifically, Director Daniel Bradbury sold 7,867 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $29.44, for a total value of $231,604.48. Following the completion of the sale, the director now directly owns 5,700 shares of the company’s stock, valued at approximately $167,808. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Derek J. Maetzold sold 986 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the completion of the transaction, the insider now owns 94,622 shares in the company, valued at $2,718,490.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Robert W. Baird lifted their target price on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Stephens reiterated an “overweight” rating and issued a $37.00 price objective on shares of Castle Biosciences in a research report on Tuesday, August 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences has an average rating of “Buy” and an average target price of $32.80.

Castle Biosciences Price Performance

The company has a market cap of $781.28 million, a price-to-earnings ratio of -24.55 and a beta of 1.03. The company has a 50-day simple moving average of $28.46 and a 200-day simple moving average of $24.06. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.47. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. The company had revenue of $87.00 million during the quarter, compared to the consensus estimate of $69.95 million. During the same quarter last year, the company earned ($0.70) earnings per share. As a group, research analysts predict that Castle Biosciences, Inc. will post -0.58 earnings per share for the current year.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of CSTL. RiverPark Advisors LLC increased its position in shares of Castle Biosciences by 362.2% in the first quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock valued at $63,000 after buying an additional 2,242 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Castle Biosciences by 70.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 5,297 shares of the company’s stock valued at $117,000 after acquiring an additional 2,187 shares in the last quarter. Denali Advisors LLC acquired a new position in Castle Biosciences during the first quarter worth about $186,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock valued at $215,000 after purchasing an additional 952 shares in the last quarter. Finally, Birchview Capital LP acquired a new stake in shares of Castle Biosciences in the fourth quarter valued at approximately $216,000. 92.60% of the stock is owned by institutional investors and hedge funds.

About Castle Biosciences

Castle Biosciences, Inc, a molecular diagnostics company, provides testing solutions for the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, uveal melanoma, and mental health conditions. It offers DecisionDx-Melanoma, a risk stratification gene expression profile (GEP) test to identify the risk of metastasis for patients diagnosed with invasive cutaneous melanoma; DecisionDx-SCC, a proprietary risk stratification GEP test for patients with cutaneous squamous cell carcinoma; MyPath Melanoma, a test used for patients with difficult-to-diagnose melanocytic lesions; and TissueCypher, a spatial omics test to predict future development of high-grade dysplasia and/or esophageal cancer in patients with non-dysplastic, indefinite dysplasia, or low-grade dysplasia Barrett's esophagus.